Scribd
Upload
19 views5 pages

Mortage With Possession Deed - English

This document is a Deed of Mortgage with Possession executed between a Mortgagor and a Mortgagee, detailing the terms of a loan secured by property. The Mortgagor, who is the sole owner of the property, seeks funds for business or family expenses and agrees to repay the loan amount within a specified period. The deed outlines the rights and responsibilities of both parties, including conditions for repayment, possession, and potential sale of the property in case of default.

Uploaded by

Kirpal Ravi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
19 views5 pages

Mortage With Possession Deed - English

This document is a Deed of Mortgage with Possession executed between a Mortgagor and a Mortgagee, detailing the terms of a loan secured by property. The Mortgagor, who is the sole owner of the property, seeks funds for business or family expenses and agrees to repay the loan amount within a specified period. The deed outlines the rights and responsibilities of both parties, including conditions for repayment, possession, and potential sale of the property in case of default.

Uploaded by

Kirpal Ravi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 5

DEED OF MORTGAGE WITH POSSESSION

THIS DEED OF MORTGAGE WITH POSSESSION EXECUTED AT


___________ ON THIS ____ DAY OF________TWO THOUSAND
SEVENTEEN, BY:
Mr. ___________, son of Mr. __________, aged about ____________ years residing
at .________________________, (ID NO: ) (Mobile no )hereinafter called
the ‘MORTGAGOR’.

TO AND IN FAVOUR OF

Mr. _______________, son of Mr. ____________, aged about ___________


years, residing at _____________________,(ID NO: ) (Mobile no)hereinafter called
the‘MORTGAGEE’

The terms MORTGAGOR and MORTGAGEE shall mean and include


wherever the context admits or requires their respective heirs, executors,
administrators, legal representatives, nominees and assigns:

WHEREAS the MORTGAGOR is the sole, legal, true, absolute and


exclusive OWNER of the property viz., ……………………………….

which is more fully and particularly described in the schedule hereunder,


which he has purchased from and out of his own funds and savings, without
any ancestral nucleus, from Mr. _____________ vide a Deed of absolute sale
dated _______________, duly Registered on the file of the Sub Registrar,
___________, as Document No.____________ of _____________, of Book I,

Ever since the Mortgagor has been in continuous, uninterrupted peaceful


possession and enjoyment of the said property, with full powers of alienation,
without any let or hindrances, paying all taxes and outgoing payable to the
Government and Local Authorities and has got valid and marketable title to the
said property.

-2-
WHEREAS the MORTGAGOR is in need of funds for his Business
Development / family expenses and has therefore approached the mortgagee
herein for a MORTGAGE WITH POSSESSION/ LOAN OF Rs.__________/-
(Rupees _____________ Only) and the MORTGAGEE has agreed to lend the
same on the security of the property referred to above and more particularly
described in the Schedule hereunder;

NOW THIS DEED OF MORTGAGE WITH POSSESSION WITNESSETH


as follows:

That in pursuance of the above agreement, a sum of Rs.__________/-


(Rupees _____________ Only)has been paid by way of ____________, and
the receipt of theabove amount is hereby accepted and acknowledged by the
Mortgagor.

That in consideration of the said sum of Rs.__________/-(Rupees


_____________ Only), the mortgagor doth hereby covenant to repay the
Mortgagee the said sum of Rs.__________/-(Rupees _____________
Only)andas security for the due and prompt repayment of the principal amount
under this deed, the Mortgagor doth hereby mortgage the property, with
possession, more particularly described in the Schedule hereunder and it is
hereby agreed as follows:

1) The Mortgage amount is Rs.__________/-(Rupees _____________


Only).

2) The Mortgage amount of Rs.__________/-(Rupees _____________


Only) shall be paid within the period of _____ years( _____ YEARS) or earlier.

3) The Mortgage amount due under this mortgage with possession shall
be repayable on demand by the Mortgagee or immediately after_____
years(_____ YEARS) and_____ months notice shall be given for such demand
and the mortgage shall be discharged by the Mortgagee and possession of the
property shall be handed back to the Mortgagor, on the repayment of the same;

4) In case the amount becomes due and payable for any reason either
by operation of above said clauses or by operation of law, it shall be open to
the Mortgagee to exercise all the powers contained in the Transfer of property
Act; 1882,this shall be without prejudice to his right to file suit against the
Mortgagor for the sale of the Property;

5) In case sale is held after due notice to the Mortgagor, by exercise of


the Powers of the Transfer of Property Act, the Mortgagor shall concur with the
Mortgagee in executing a conveyance to the Purchaser and in default of his
doing so, the mortgagee shall be entitled to execute a conveyance deed to the
purchaser, conveying both the rights of the Mortgagor and the Mortgagee, no
such sale shall be impeached by the Mortgagor.

6) In case a sale is held and the Sale proceeds are found insufficient for
the payment of the Mortgage amount, the balance amount shall be made good
by the Mortgagor, personally from his other properties,

7) In case a sale is held and there are surplus proceeds, after


appropriation towards cost, and loan amount, such surplus shall be paid to the
Mortgagor.

8) The Mortgagor doth hereby covenant that he has got a good and valid
title to the Mortgaged Property and that he has not done anything in derogation
of the same; and that he has not created any other mortgage, charge or other
encumbrancesto any other person, over the schedule mentioned Property;
9) The Mortgagor has given possession of the schedule mentioned
Property on this day / agrees to hand over the possession of the schedule
mentioned Property on or before _______ to the Mortgagee.

10) The Mortgagor doth hereby also assures that he will not allow the
security to be impaired within the meaning of section 69, 69A of theTransfer
of Property Act, 1882.

11) The Mortgagor assures that hehas paid all the taxes and outgoings
in relation to the Property hereby mortgaged and the Mortgagee agrees that he
shall properly and regularly pay all the taxes and other charges in respect of the
Schedule Property till the Mortgage is discharged/ possession is handed back
to the Mortgagor.

12)Any notice sent or left at the address of the Mortgagor given in this
deed of mortgage shall be deemed to be a good service of any notice;

The present Market Value of the Property is Rs. __________/-


SCHEDULE OFPROPERTY

All that piece and parcel of Land,

IN WITNESS WHEREOF THE MORTGAGOR HASSIGNED THIS DEED, ON THE


DAY, MONTH AND YEAR FIRST ABOVE WRITTEN, IN THE PRESENCE OF THE
FOLLOWING WITNESSES:

MORTGAGOR
Witnesses:

1.

2.

DRAFTED BY :-

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy